Mark Moss Exposes How Bitcoin Treasury Firms Are Leveraging Legacy Finance to Fuel Crypto’s Future

Wall Street's playbook meets Satoshi's revolution—why old money is scrambling to fund the next financial paradigm.

The Great Banking Heist (In Reverse)

Bitcoin-native firms aren't waiting for permission. They're raiding traditional finance's toolkit—debt offerings, equity raises, even SPAC mergers—to build infrastructure that'll make banks obsolete. The irony? JP Morgan's balance sheet might indirectly finance its own demise.

Yield Farming… For Institutional Capital

Private credit lines. Convertible notes. Securitized mining rigs. Crypto treasuries are getting creative with financial engineering—proving even decentralized purists can't resist cheap fiat when growth's on the line. (Some things never change—like hedge funds chasing 20% yields.)

The Cynic's Footnote

Watch Wall Street's finest charge 2-and-20 to underwrite the very asset that threatens their existence. Now that's what we call job security.

Historical parallels

Moss compares these treasury firms—companies holding large bitcoin balances and building financial products around them—to early 20th-century factory owners who installed electric wiring while still profiting from gas-powered machinery.

He notes that while these owners were once considered inefficient, their forward-thinking investments prepared them for the coming shift to electricity.

Moss states:

“These factories didn’t wait for gas to disappear. They used profits from gas-powered production to install electric infrastructure. They looked inefficient. Redundant. Stupid. They were actually positioning for the most obvious transition in history.”

He asserts that today’s Bitcoin treasury companies—such as Strategy—are extracting value from traditional systems of debt and equity and reallocating it into bitcoin. Moss adds:

“Bitcoin treasury companies are doing the EXACT same thing… running history’s most obvious arbitrage.”

Flexibility and risk management advantages

According to Moss, these firms benefit from unique structural advantages, including the ability to issue equity and raise capital, enabling them to manage volatility and outperform traditional tech or financial stocks.

Operators in this space blend balance sheet strength with sophisticated risk management, which allows them to both withstand and exploit market fluctuations.

Persistent market skepticism

Despite Moss’s bullish view, the market remains cautious.

Bitcoin treasury stocks like Strategy trade at a significant discount, with a 1.6x multiple on bitcoin holdings, compared to the S&P 500’s 30x price-to-earnings ratio. The Bitcoin Therapist commented:

“Not a chance. Market is wrong.”

Recent price action highlights this disconnect:

As of August 2025, bitcoin reached new highs above $124,000, but many treasury stocks remained flat or declined amid heavy liquidations and ETF outflows.

The apparent mispricing raises questions about whether the market is underestimating the long-term strategy of these bitcoin-focused firms.